Troy officials hope new RFQ will result in ideal project for Monument Square

By Andrew Beam

Tuesday, September 24, 2013

TROY -- The city will be taking a third crack at trying to find the perfect match to develop the former City Hall site following the first selected contractor pulling out of the project and negotiations with the second eventually breaking down.

A Request for Qualifications was issued late on the afternoon of Sept. 20 for the four parcels which make up One Monument Square. The city has previously emphasized the importance of the selected developer providing waterfront access for the public along with contributing to the economic development of the city. It also asks developers about their ability to work in a public/private partnership by referencing five previously completed projects.

Developers that respond to the RFQ must also submit proposals that demonstrate a detailed understanding of what the city wants. Some of the city's requirements include taking the architecture of buildings which surround the site into consideration. The RFQ also requests the building be constructed along the edge of the right of way on River Street, returning to the style which pre-dated the old City Hall site, which the RFQ states was "eroded" by the building and the demolition of other buildings along the street.

Public access was heavily emphasized in the RFQ and land within 50 feet of the riverfront setback must remain in public ownership. As with the two previously issued RFPs, the proposed building must include residential as well as office, retail and/or hotel space.

One aspect which was different from the previous RFPs was the minimum purchase price of $1.5 million for the land. The RFQ asks bidders to provide a purchase offer, along with proof that it would be able to financially support the completion of the project, in addition to two financial references.

The city does indicate that some financial assistance is available, such as $3.9 million from various New York state grant funds for the redevelopment of the site. It also makes mention of possible financial assistance from the Troy Industrial Development Agency.

The Nigro Companies and the Richman Group were first selected to develop the site in 2012, but latter pulled out after concerns were raised that 60 percent of the residential space would dedicated to subsidized housing, something Mayor Lou Rosamilia was not in favor of.

The city then began negotiations in March 2013 with Judge Development, owned by Sam Judge, for a proposed $50 million project which included more than 100 market rate apartments and 180 parking spaces for both public and private use. That project also included a large staircase leading to a public waterfront.

The city declined to provide details as to why the two parties decided to mutually end negotiations.

A representative for the city did not return a request for comment by press time.